The First Cryptocurrency Bank Coming from Kraken and Fidor Bank

17Nov 2014

The online exchange Kraken and the German bank Fidor have announced their plans for building the first cryptocurrency bank in the world in order to offer an alternative to the big banks for the crypto currency users and businesses. The goal of the Cryptocurrency Bank (BYSE Bank or BICONDO), which is not the final name as the users currently have the option to vote for the name of the bank on the official website, wants to make it easier for people that are involved in the Bitcoin ecosystem to save valuable time and resources and not worry that a traditional bank may stop servicing their personal or business accounts because they are used for operations with Bitcoin. We’ve seen this happening in some countries, even though there is no official ban on Bitcoin or crypto currencies in general, however if the traditional banks refuse to work anymore with you, then you don’t have many options left. Could this be a sign that traditional banks are beginning to see Bitcoin and other crypto currencies as a threat already or is it just because of pressure they are getting form the government or some other powers with different interest.

Regardless, the project that the German online bank and the cryptocurrency exchange does seem like a good idea and looks very promising. Kraken and Fidor Bank are currently looking for investors, service partners and cryptocurrency enthusiasts to help turning the idea for the cryptocurrency bank to a reality. On December 15th/16th the companies are organizing a workshop in Munich, Germany for the project and you can register until November 24th to attend it if you are interested. We like the idea about a cryptocurrency bank and Kraken and Fidor Bank may turn out to the just the right people to make it happen.

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